Altice files a buyout offer followed by a squeeze-out for SFR Group

5 Sep 2017

Amsterdam-listed Altice Group (Altice NV, headed by French entrepreneur Patrick Drahi) has filed a buyout offer followed by a squeeze-out for the remaining SFR Group shares for a price of EUR34.50 (USD41) per share. Pursuant to the applicable French regulation, SFR Group’s board of directors ‘unanimously issued a positive opinion’ on the offer, on the basis of the report of an independent expert Finexsi, which determined that the financial conditions of the offer were fair. The squeeze-out and the delisting of the SFR Group shares from the Paris Stock Exchange (Euronext) are expected to be implemented in early Q4 2017, once the transaction secures the approval of the France’s Financial Market Authority (Autorite des Marches Financiers, AMF).

TeleGeography notes that Altice Group currently owns 95.9% of SFR Group, following the inking of a number of agreements for increasing its share capital and voting rights of the French group (via exchanges against Altice NV Class A common shares) in early August (from 84% previously).

France, Altice Europe (formerly Altice Group), Altice France (SFR)